{"id":552964,"date":"2022-10-12T13:38:54","date_gmt":"2022-10-12T13:38:54","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/this-evening-external-debt-drops-beni-suef-plant-the-first-to-go-to-sfes-pre-ipo-fund-plus-boe-stands-its-ground-on-bond-buying-deadline\/"},"modified":"2022-10-12T13:38:54","modified_gmt":"2022-10-12T13:38:54","slug":"this-evening-external-debt-drops-beni-suef-plant-the-first-to-go-to-sfes-pre-ipo-fund-plus-boe-stands-its-ground-on-bond-buying-deadline","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/this-evening-external-debt-drops-beni-suef-plant-the-first-to-go-to-sfes-pre-ipo-fund-plus-boe-stands-its-ground-on-bond-buying-deadline\/","title":{"rendered":"THIS EVENING: External debt drops + Beni Suef plant the first to go to SFE\u2019s pre-IPO fund? Plus: BoE stands its ground on bond buying deadline"},"content":{"rendered":"<p><strong>Happy almost-THURSDAY, friends.<\/strong> We\u2019re almost at the finish line for the week, but the news cycle shows no signs of slowing just yet.<\/p>\n<p><strong>THE BIG STORIES TODAY<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>#1- Egypt\u2019s external debt dropped 1.3% q-o-q to USD 155.7 bn <\/strong>during the fourth quarter of last fiscal year (from April-June 2022), down from an all-time high of USD 157.8 bn the preceding quarter, according to central bank figures.<\/p>\n<p><strong>#2- Beni Suef power plant tapped for SFE\u2019s pre-IPO fund?<\/strong> The Siemens-built combined-cycle power plant in Beni Suef is reportedly going to be the first of the three plants that will be transferred to the Sovereign Fund of Egypt\u2019s (SFE) pre-IPO fund before the end of the year, <a href=\"https:\/\/www.asharqbusiness.com\/article\/42734\">Bloomberg Asharq<\/a>reports, citing three government sources. The fund is meant to prepare the state-owned assets and companies for stake sales. The SFE will offer stakes in the plant to strategic investors \u201cat a later time,\u201d the sources say. Planning Minister Hala El Said had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dde844b6-73f3-4d2f-8c09-d8a084b5720d\">said last month<\/a> that one of the three plants will be among the first batch of assets that will be transferred to the pre-IPO fund, which plans to raise USD 6 bn from selling stakes in state-owned assets by mid-2023.<\/p>\n<p><strong>THE BIG STORY ABROAD<\/strong><\/p>\n<p><strong>The international business press is broadly focused this afternoon on the ongoing<\/strong><strong> meltdown in the UK bond market<\/strong>, as the Bank of England holds its ground on ending its bond-buying program this Friday, 14 October. The announcement led to a renewed sell-off in gilts, while the GBP slid again. The story is on the front pages of the <a href=\"https:\/\/www.ft.com\/content\/7d2da677-6284-4e36-b7a0-efcb52ed67b0\">Financial Times<\/a>, the <a href=\"https:\/\/www.wsj.com\/livecoverage\/stock-market-news-today-2022-10-12\/card\/bank-of-england-insists-will-end-gilt-purchases-on-friday-BcPFgT3naQth4jjfUGwg?mod=hp_lead_pos2\">Wall Street Journal<\/a>, <a href=\"https:\/\/www.reuters.com\/world\/uk\/british-pension-funds-press-boe-extend-bond-buys-amid-cash-scramble-2022-10-12\/\">Reuters<\/a>, and <a href=\"https:\/\/www.cnbc.com\/2022\/10\/12\/british-pound-bank-of-england-bond-purchases-andrew-bailey.html\">CNBC<\/a>.<\/p>\n<hr class=\"grey-line\">\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>The IMF expects more than a third of the global economy to contract \u201cthis year or next,\u201d<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/46c9c082-32b8-4cee-88a1-fe137c62814f\">it warns<\/a> in its October World Economic Outlook.<\/li>\n<li><strong>We\u2019re getting EUR 40 mn from the EBRD for freight + passenger rail line:<\/strong> Egyptian National Railways <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b22199f7-18d9-4046-8cb0-54dc54dd8591\">could be securing<\/a> a EUR 40 mn loan from the European Bank for Reconstruction and Development to partially finance work on the Robeiky-10th of Ramadan-Belbeis freight and passenger railway line.<\/li>\n<li>Fintech and fintech-enabled startups are up for a funding boost after <strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eb9c70d4-e9ab-429c-bf0b-ff9ca22fca6d\">Mastercard closed<\/a><\/strong><strong> a \u201cstrategic\u201d investment in fintech fund Nclude<\/strong>.<\/li>\n<\/ul>\n<p><strong>***<\/strong><\/p>\n<p><strong><a href=\"https:\/\/www.surveymonkey.com\/r\/9VF6H6Y\">Take our EV survey:<\/a><\/strong> Are you an ex-petrolhead shopping around for your first electric vehicle? EV-curious and wondering what all the fuss is about? Or are you not ready to say goodbye to that sweet smell of benzene as you wait at the gas station?<\/p>\n<p><strong>We want to hear from you:<\/strong> We\u2019re taking the pulse on how the nation feels about Egypt\u2019s nascent EV transition. Take a few minutes to fill out <a href=\"https:\/\/www.surveymonkey.com\/r\/9VF6H6Y\">our short survey<\/a>. We\u2019ll be back with the results in a couple of weeks.<\/p>\n<p>***<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>Bread reform committee should get House approval on Sunday:<\/strong> The House will approve Supply Minister Ali El Moselhy\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fdba61a4-ba13-4035-a2a7-51511a9b61a0\">proposal to form an ad hoc committee<\/a> to look into possible changes to the country\u2019s massive bread subsidy program during its session on Sunday, 16 October, head of the House agriculture committee Hesham El Hossary told reporters yesterday.<\/p>\n<p><strong>The EGX is looking to drum up interest in listed companies on a roadshow <\/strong><strong>to Dubai and Abu Dhabi later this month<\/strong>, an EGX source told Enterprise. The bourse has tapped Al Ahly Pharos to help manage the roadshow, with EGX boss Rami El Dokany set to meet with as many as 100 regional and international financial institutions, the source said.<\/p>\n<p><strong>Fuel prices to rise this month?<\/strong> We\u2019re expecting the government to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d105a5e1-bbde-4d04-b84c-b2b24a38ccf8\">hike fuel prices<\/a> for the seventh consecutive quarter when the fuel pricing committee meets this month. Fuel prices have risen by <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59629508-f337-48ec-b80c-092a43eecb30\">as much as 28%<\/a> over the past 18 months in response to heightened international oil prices, which surged earlier this year on the back of Russia\u2019s invasion of Ukraine.<\/p>\n<p><strong>Will Sidpec buy Ethydco?<\/strong> Sidi Kerir Petrochemicals\u2019 (Sidpec) board will discuss the potential acquisition of state-owned Egyptian Ethylene and Derivatives Company (Ethydco) through a share exchange, at an extraordinary general assembly meeting next Thursday, 20 October, according to an EGX <a href=\"https:\/\/ent.news\/2022\/10\/Sidpec-general-assembly.pdf\">disclosure (pdf)<\/a>. Sidpec has tapped NI Capital as advisor, the company said in a<a href=\"https:\/\/ent.news\/2022\/10\/Sidpec-to-study-acquisition.pdf\">statement (pdf)<\/a> to the bourse.<\/p>\n<p>?<strong>TOMORROW\u2019S WEATHER- <\/strong>It\u2019s going to be another partially cloudy day, giving us a daytime high of 30\u00b0C and a nighttime low of 20\u00b0C, our favorite weather app tells us.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Happy almost-THURSDAY, friends. We\u2019re almost at the finish line for the week, but the news cycle shows no signs of slowing just yet. THE BIG STORIES TODAY #1- Egypt\u2019s external debt dropped 1.3% q-o-q to USD 155.7 bn during the fourth quarter of last fiscal year (from April-June 2022), down from an all-time high of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7213],"tags":[2494,104,633,81,370,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-552964","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-bank-of-england","tag-economy","tag-enterprisepm","tag-privatization-watch","tag-sovereign-fund-of-egypt","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"e3838c44-3a20-48eb-9783-f8c9aca80af6","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[552962],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS EVENING: External debt drops + Beni Suef plant the first to go to SFE\u2019s pre-IPO fund? 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THE BIG STORIES TODAY #1- Egypt\u2019s external debt dropped 1.3% q-o-q to USD 155.7 bn during the fourth quarter of last fiscal year (from April-June 2022), down from an all-time high of [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/this-evening-external-debt-drops-beni-suef-plant-the-first-to-go-to-sfes-pre-ipo-fund-plus-boe-stands-its-ground-on-bond-buying-deadline\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-12T13:38:54+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/this-evening-external-debt-drops-beni-suef-plant-the-first-to-go-to-sfes-pre-ipo-fund-plus-boe-stands-its-ground-on-bond-buying-deadline\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/this-evening-external-debt-drops-beni-suef-plant-the-first-to-go-to-sfes-pre-ipo-fund-plus-boe-stands-its-ground-on-bond-buying-deadline\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"THIS EVENING: External debt drops + Beni Suef plant the first to go to SFE\u2019s pre-IPO fund? 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The Siemens-built, 4.8 GW combined-cycle power plant in Beni Suef has reportedly been tapped as the first of the three plants to be transferred to the Sovereign Fund of Egypt\u2019s (SFE) pre-IPO fund before the end of the\u2026","rel":"","context":"In &quot;Privatization&quot;","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/209.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577377,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/21\/sfe-pre-ipo-roadshow-on-ice-for-the-coming-weeks\/","url_meta":{"origin":552964,"position":1},"title":"SFE pre-IPO roadshow on ice for the coming weeks","author":"enterpriseam admin","date":"21 November 2022","format":false,"excerpt":"A planned roadshow for the Sovereign Fund of Egypt\u2019s pre-IPO fund by the Sovereign Fund of Egypt (SFE) has been pushed to late December or the beginning of January, Planning Minister Hala El Said said in an interview with Al Borsa. The roadshow was planned for the end of November\u2026","rel":"","context":"In &quot;Privatization&quot;","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/316.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":552988,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/13\/this-evening-egypt-backs-un-resolution-calling-on-moscow-to-undo-ukraine-annexations-us-core-inflation-continues-to-accelerate-despite-fed-tightening\/","url_meta":{"origin":552964,"position":2},"title":"THIS EVENING: Egypt backs UN resolution calling on Moscow to undo Ukraine annexations + US core inflation continues to accelerate despite Fed tightening","author":"enterpriseam admin","date":"13 October 2022","format":false,"excerpt":"Happy THURSDAY, wonderful people. The slide into the weekend is much calmer than we had anticipated, as the news cycle takes a bit of a breather this afternoon.CORRECTION- In this morning\u2019s edition of EnterpriseAM, we incorrectly wrote in the TL;DR that Trella raised a USD 20 mn round. It was\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":582320,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/07\/sfe-to-sell-stakes-in-2-3-state-owned-firms-in-april-says-ceo\/","url_meta":{"origin":552964,"position":3},"title":"SFE to sell stakes in 2-3 state-owned firms in April, says CEO","author":"enterpriseam admin","date":"7 March 2023","format":false,"excerpt":"Gov\u2019t will also announce \u201cwithin days\u201d who\u2019s buying the state hotels company.","rel":"","context":"In &quot;Privatization&quot;","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Ayman-Soliman-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":671453,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/09\/08\/foreign-reserves-increase-to-usd-49-3-bn-in-august\/","url_meta":{"origin":552964,"position":4},"title":"Foreign reserves increase to USD 49.3 bn in August","author":"enterpriseam admin","date":"8 September 2025","format":false,"excerpt":"PLUS- Rock Steel wants to set up a new EGP 1.5 bn factory in Beni Suef, producing a specific type of stainless steel used in vehicle manufacturing","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/9\/481.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":631622,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/22\/titan-cement-egypt-to-build-usd-8-mn-8-mw-solar-power-station-in-beni-suef\/","url_meta":{"origin":552964,"position":5},"title":"Titan Cement Egypt to build USD 8 mn, 8 MW solar power station in Beni Suef","author":"enterpriseam admin","date":"22 March 2018","format":false,"excerpt":"Titan Cement Egypt is planning to invest USD 8 mn to construct an 8 MW solar power station next to its cement plant in Beni Suef, unidentified sources tell Al Borsa. The company plans to connect the station to the national grid and sell surplus energy to neighboring factories. 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